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Facebook Receives ‘Buy’ Rating from Bank of America, SunTrust, as It’s About to Unveil Its Cryptocurrency    

  • Alex Dovbnya
    📰 News

    Facebook’s cryptocurrency framework remains unclear, but these analysts are already bullish on the company’s stock

Facebook Receives ‘Buy’ Rating from Bank of America, SunTrust, as It’s About to Unveil Its Cryptocurrency    

Facebook’s cryptocurrency is the hottest topic in the cryptocurrency space as of now with experts voicing polarizing opinions. The company’s crypto ambitions also caught attention of major Wall Street analysts who recently voiced their bullish predictions, CNBC reports.

Facebook’s loud entrance  
Project Libra, the codename of Facebook’s much-hyped cryptocurrency venture, has already on-boarded some big-name backers in the likes of Visa, Paypal, and Uber. It seems like everyone wants to join the party (and for a good reason).

Facebook’s stock has recently received a ‘buy’ rating from major institutions in the likes of Bank of America, Citi and SunTrust. The latter states that Facebook will be appear at the forefront of the cryptocurrency development after launching its new crypto.

While crypto currencies have existed for several years now, no other company could bring the combination of user scale, brand support and balance sheet, which Facebook can in our opinion,” Sun Trust states.

According to Bitcoin bull Anthony Pompliano, Facebook Coin will easily become the most used cryptocurrency given that Facebook, WhatsApp and Instagram each have over 1 bln active users.

Cover image via 123rf.com
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About the author

Alex covers all things crypto — from major projects, which are fighting tooth and nail to gain the upper hand in the burgeoning industry, to the latest regulatory trends around the world. He’s a firm believer that Blockchain has the potential to reshape pretty much every business out there, and cryptocurrencies are only a stepping stone to the upcoming decentralized revolution.

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